Yes. I agree. Kingsgate seemingly has anaccounting policy of...

Yes. I agree. Kingsgate seemingly has anaccounting policy of writing off refurbishment costs immediately, when incurred.

There is, however, a long-shot chancethat it will be profitable (as reported using conventional accounting practice) in the last quarter of 2023. That would depend upon several factors. How thegold and silver price performs, the timing of when it receives a mininglicence, gold yields both from the processing ore operation and from ore minedand processed as well as how well refurbished plants perform, royalty ratesetc.

Interest costs are a factor too. In thatsense a sale of NE soon could help, depending upon how the proceeds will beutilised.

I do not attempt to predict what the futuregold and silver price will be. I like what I see. The gathering upward pricemomentum is positive. The longer prices remain high, the sooner it is likely to report a profit.

· I do not know whatconventional accounting practice is in Australia with regards to accounting forrefurbishment costs. The financial figures will be a distortion of theunderlying reality (assuming things turn out reasonably well) in my view. Personally, Iwould like to see the refurbishment costs written off over several years,especially if the mine is expected to produce plenty of gold in the years ahead.Whatever, fundamentally-oriented investors will take this into account inevaluating the figures.